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Munich Re unit set to benefit from infrastructure projects (Brazil)

Munich Re do Brasil (MR do Brasil), the local unit of German reinsurance company Munich Re, should see its franchise strengthen on the back of the growing reinsurance industry in the country, especially with major infrastructure and engineering projects, ratings agency Moody's says in a report.

With the expected growth, the Munich unit should also see its earnings volatility reduced, which is the result of its modest size. Moody's views as positive the "consistent underwriting approach of MR do Brasil, demonstrated by the company's solid performance when considering its gross results."

However, the company's credit strengths are offset by the sovereign risk in Brazil, as well as the concentration of its investments in local government bonds, the agency said.

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